HQ Capital closes Auda VIII on $750m

Auda Capital VIII held a first close in June 2018, followed by two interim closes, the latest of which took place in July 2019 on just over $423m. The fund was launched in October 2018.

The GP's previous fund-of-funds, Auda Capital VII, held a final close in July 2016 on $375m. The fund made investments of $10-25m in funds-of-funds on a global basis.

Auda VIII is domiciled in Luxembourg and will have a 12-year fund life.

Investors
Nordrheinische Ärzteversorgung (NAEV) committed $35m to the GP's predecessor vehicle, according to Unquote Data. Institutional investors such as insurance companies, pension funds and large family offices also contributed.

Investments
The vehicle invests in buyout, growth, opportunistic and special situations funds, targeting the small- and mid-cap market segments. It will follow the GP's existing investment strategy: HQ Capital has historically structured its funds-of-funds investments to be 60% weighted towards primary transactions, 30% to secondary deals and 10% to co-investments.

Auda VIII will invest in funds based in Asia, Europe and the US. The fund has already made investments targeting buyout and growth capital. The vehicle deploys equity tickets of $5-20m.

In previous vehicles, HQ Capital has committed to funds including Carlyle Europe Technology Partners IV, Gilde Buy-Out Fund VI 2 and Oakley Capital IV. The GP also took a $5.7m secondary stake in OpenGate Capital Partners I.

People
HQ Capital – Bernd Tuerk (CEO); Ferdinand von Sydow (managing director).

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• Fund-of-funds
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• HQ Capital